No one knows, but Japan is running massive deficits, growing with each year as more and more people retire into the nest egg of their socialist-welfare golden years, and fewer young people exist to replace them in the workforce.

Rest assured, there is a huge struggle behind the scenes between Japanese officials and their foreign counterparts, with a discussion of the devastating effects a quick appreciation of the yen would have on global financial/equity markets. The BOJ is at the center of a global hurricane brewing right now.

In the mean time, Australian treasuries are paying 7.5%, and all seems well in the world, as arbitragers sleep warmly nestled in their beds - for now.